By Michael S. Lawlor (auth.)
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Additional resources for The Economics of Keynes in Historical Context: An Intellectual History of the General Theory
In trying to reconstruct a historical/ theoretical context for the development of Keynes’s economics, I hope to deepen and strengthen the view of Keynes as a Marshallian. First, I provide an extensive documentary account of what Marshall, the Marshallians and Keynes actually did write concerning the cognate topics of employment, interest and money. Second, I construct a coherent narrative of Keynes’s own theoretical development as a creative Marshallian theorist with regard to these themes. Finally, I end by trying to tie these historical themes together with a theoretical interpretation of the General Theory that stresses both Keynes’s Marshallian roots and his creative development from those roots.
This loosely sociological analysis of what Keynes saw as the “facts” of labor markets argued that, in conditions of mass unemployment, relative money wages are as important as the traditional notions of supply and demand theory for the determination of labor market outcomes. Both of these strands of thought make unreferenced appearances in, and aid an understanding of, his argument concerning the labor market in the General Theory. II. Labor markets in the General Theory As a preface to our look backward from the General Theory, we wish to erect some signposts emanating from the text itself.
5 Thus, as we look back at the intellectual setting of Keynes’s views in pre-War Cambridge economics we will find that the complexity of our story grows. Marshallianism is the major influence, of course, but we shall see that its legacy is ambiguous. Marshall not only spawned Pigou’s (1933) amazingly out-of-touch treatment, The Theory of Unemployment, but also Dobb’s subtle and historically informed view of labor markets in his Cambridge Economic Introduction: Keynes, the General Theory and the Labor Market 39 Handbook Wages (1928).
The Economics of Keynes in Historical Context: An Intellectual History of the General Theory by Michael S. Lawlor (auth.)